Rep. Katie Porter (D-CA) grilled Treasury Secretary Steve Mnuchin over massive losses posted by Deutsche Bank — and over the lender’s inaction over suspicious transactions by President Donald Trump.
The California Democrat asked Mnuchin during a House Financial Services Committee hearing about the German bank’s recent $3 billion loss, and whether Treasury Department banking deregulation could put investors in its U.S. subsidiary at risk.
“How did Deutsche Bank manage to lose $3 billion and not see it coming?” she asked. “How the hell do you lose $3 billion and not see that coming?”
Mnuchin said “a lot of people” lost $3 billion, and he agreed that U.S. officials didn’t want to see that happen again.
“I am familiar with some of their really bad investments, and I find it really hard to believe they made them,” Mnuchin said.
Porter pointed out that Deutsche Bank had failed its own stress tests and engaged in questionable international activity in Iran, Libya, Russia and Syria — and involving the U.S. president.
“It came to light that Deutsche Bank had willfully decided to ignore suspicious activity reports with regard to the president and his son-in-law,” Porter said. “What is your plan to hold Deutsche Bank responsible for failing to do appropriate oversight and respond to the regulatory controls in place with regard to the SARs?”
Mnuchin said he could not comment publicly on SARs, which he read news accounts on, but promised to follow up with the committee.
“Are you planning to ask the German banking authority also to do additional oversight of Deutsche Bank, especially now that we regulate them much less than we used to?” Porter said.
Mnuchin tried to assure Porter that Deutsche Bank’s activity would not jeopardize the U.S. financial system, and he promised to speak with his European counterparts about the issue.
WATCH: New Zealand prime minister unfazed as quake hits during an interview
A moderate 5.6-magnitude earthquake rattled New Zealand's North Island early Monday but failed to crack Prime Minister Jacinda Ardern's trademark composure as she conducted a live television interview.
The quake struck just off the coast before 8:00 am local time (2000 Sunday GMT) at a depth of about 52 kilometres (32 miles) near Levin, about 90 kilometres north of Wellington, the US Geological Survey said.
St John Ambulance and New Zealand Police both said there were no initial reports of injuries or damage. There was no tsunami warning.
But there was sustained shaking in Wellington, where Ardern was being interviewed on breakfast television from parliament's Beehive building, which is designed to absorb seismic forces by swaying slightly on its foundations.
US farmers are starting to worry as crop prices dip during COVID-19 crisis: ‘It’s kind of glum’
Dave Burrier steered his tractor through a field, following a GPS map as he tried to plant as much corn as possible amid the yellow and green rye covering the ground.
Striving to get a massive yield out of his crops in rural Maryland is how Burrier hopes to make it through yet another uncertain year, beset by market disruptions caused by the COVID-19 pandemic and renewed trade tensions between the United States and China.
"We've had so much price erosion that we're basically at below the cost of production. We've got to figure out how to manage and turn a profit," Burrier told AFP.
‘It’s the first time I’ve played golf in almost 3 months’: Trump makes excuses for golfing during coronavirus pandemic
President Donald Trump was blasted on Sunday for playing golf during the coronavirus pandemic, a dramatic economic recession and after proclaiming churches "essential."
Instead of joining his voters sitting in the pews, Trump went for the links, which drew criticisms for the hypocrisy.
"Sleepy Joe’s representatives have just put out an ad saying that I went to play golf (exercise) today. They think I should stay in the White House at all times. What they didn’t say is that it’s the first time I’ve played golf in almost 3 months, that Biden was constantly vacationing, relaxing & making shady deals with other countries, & that Barack was always playing golf, doing much of his traveling in a fume spewing 747 to play golf in Hawaii - Once even teeing off immediately after announcing the gruesome death of a great young man by ISIS!" tweeted Trump.